A close look at investment ops in St. Maarten included.
PHILIPSBURG:--- Vidanova pension fund reaffirms its commitment to help its participants in St. Maarten and the other islands to achieve financial well-being during all phases of their life. In order to realize this, a sound financial position of the Pension Fund combined with financial products that really services the financial needs of the participants is of major importance. Vidanova’s customers can rest assured that their pension fund is diligently working to realize this commitment on a daily basis.
That was one of the clear messages delivered to members of Vidanova’s Board of Supervisory Directors on Friday, June 21, 2019, at the end of the meeting between the Managing Board and the Board of Supervisory Directors (BSD), hosted by TelEm Group.
Vidanova is a multi-employer pension fund managing the pension scheme for employers and employees of all sectors in all the islands of the former Netherlands Antilles. The BSD meets each quarter, and because of the importance of St. Maarten to Vidanova, one of these meetings is held on the island. The BSD-meeting was fruitful and the Managing Board was able to adequately render account and report to the BSD for the past quarter of 2019 concluding that Vidanova is well on track.
Mortgages
The meeting of the Board of Supervisory board was combined with presentations by the Vidanova Staff to some of its affiliated companies about their pension plan. Furthermore, Vidanova bank engaged a new representative office in Sint Maarten a short while ago. Through its representative on the island, Ms. Greenaway of Versant office, the participants were given valuable information about the possibilities of taking mortgage with Vidanova Bank at an interest rate of 4.9%. This is a very attractive rate especially taking into account the fact that this low rate will apply for the whole tenor of the mortgage and not just for 4 or 5 years like competitors offer. To qualify for a mortgage, one has to, amongst others, take out life insurance. With the introduction of Vidanova Life on the market as of June 1, 2018, the participant will have the comfort of a one-stop shop.
Vidanova also met with some other companies that are looking into the possibilities of transferring their pension plan to Vidanova. Vidanova looks forward to welcome other Sint Maarten entities to the Fund.
Investments
During the visit to Sint Maarten Vidanova also looked into the possibilities of increasing its investments on Sint Maarten. Vidanova has made multi-million dollar investments in the Harbour Group, in TelEm, and in PJIAE and is looking into the possibilities of increasing its investments on Sint Maarten even further, while always taking into consideration the risk profile of the Fund.
Vidanova is keen to reassure its customers on the island on the important part St. Maarten plays in the Vidanova Pension Fund, the commitment of the Fund to add quality to every phase of their life, and that funds raised on the island are also invested locally so that local premiums are used to stimulate the local economy.
